A competitive advantage is something that you offer or have that the competitor does not. There must be compelling reasons for people to do business with you rather than with other construction companies.
The need to identify your point of difference is essential. The more similar your business is to many others, the greater your need to develop competitive advantages.
The key to benefitting from the competition is knowing how to take on competitors so your company earns a profit effectively. Look into your industry and the successful contractors around you not to lose sight of your vision for your construction company but as an inspiration to guide your systems and processes.
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Topics:
Contractor Tips,
Construction Productivity,
Construction Organizational Change,
Competition In The Construction Industry,
Construction Competitors
Taking steps to create a good foundation in the early days of your business is essential for a sustainable and profitable future.
It's rare these days that your prospective leads happen to find your construction business and become a client with no work. Your company has to grab people's attention, turn curious visitors into leads and then convert those leads into sales.
Keep in mind: Marketing-Accounting-Production
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Topics:
Construction Marketing,
Construction Bookkeeping And Accounting,
MAP vs. PAM,
Contractor Tips,
Construction Productivity,
Construction Organizational Change
If you feel overwhelmed by the sheer volume of technological gadgets, never mind apps and other digital "solutions,"; you're not alone. Technology sprawl and the rabbit hole of more and more information available all the time makes productivity—and healthy downtime—a real challenge for many of us.
Although we may be quicker at completing redundant tasks, more time is wasted managing all our different apps and technologies—and more of us live in a near-constant state of distraction.
An epidemic of distracted workers
Maintaining focus on the job is increasingly difficult in the era of social media, chat apps, games, and the ability to search for anything at any time—whether related to the task at hand or not.
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Topics:
Project Management,
Construction Productivity,
Construction Systems And Processes,
Boost Construction Profitability
When you're a construction business owner, your to-do list is often long and constantly growing longer. You need to do many things, and it can feel like they're all urgent. In such cases, it's easy to push essential tasks to the side and focus on less-vital activities, but that often means you miss deadlines, make mistakes or always feel as though you're trying to catch up.
Construction Companies have two basic leadership styles; wait until an urgent situation occurs and react like a firefighter or develop business processes that allow the company to respond calmly and natural resources and solutions to the issues like a traffic police officer on a sunny afternoon.
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Topics:
Business Process Management For Contractors,
Winning Teams,
Construction Productivity,
Contractor Guidance,
contractor delegation
One of the biggest challenges construction company owners like you have with an in-house bookkeeper is training them to work for your best interest, not theirs, and deliver consistent results and the reports you can trust daily, year after year.
Having been involved with construction and construction accounting and bookkeeping for over thirty years, we have seen a consistent pattern repeated over and over that will turn ordinary, decent, pleasant bookkeepers into a disheveled, broken, mean, nasty, arrogant trolls, and that's a good day when the sun is shining, and the birds are singing!
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Topics:
Business Process Management For Contractors,
Winning Teams,
Construction Productivity,
Contractor Guidance,
contractor delegation
Some construction business owners believe in maximizing production by driving everyone from the laborers to the project managers to work harder, longer, faster, hustle, and run. And if they are giving less than 110% to the company, they are not doing enough.
One thing to consider: Don't let construction workers think too much; they may injure themselves.
Apprentices and most Journeymen working on a construction job site are better off not thinking but simply following routines and patterns established by management based upon best practices. At first read, this sounds harsh, and yet it comes from our own experiences as a contractor operating multiple job sites with small crews on each from two to ten people; this one concept generated a lot of bottom-line profits and kept injuries very low.
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Topics:
Business Process Management For Contractors,
Winning Teams,
Construction Productivity,
Contractor Guidance,
contractor delegation
There is no better time to reflect and think seriously about your construction business. Excellent organization systems add considerable value to any business because they allow you to spend more time working on your business rather than on it.
Year over year and regardless of the economy, one thing never changes; 20% of the contractors earn and keep 80% of the profits because they have a Business Process Management Strategy like our Contractors Success M.A.P. that tells them how, what, when, where and why to focus their limited resources on the M.A.P. = Marketing / Accounting / Production.
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Topics:
The Contractors Account,
Construction Marketing,
Construction Accounting,
MAP vs. PAM,
contractors bookkeeping and accounting,
Accounting Software for Contractors,
Contractor,
Construction Productivity
At some point, every business owner needs outside help to improve efficiency – or to free up their time so they can take steps toward future growth.
The trouble is, the cost of hiring regular staff, even on a part-time basis, can eat up a company's budget – especially in the early years when you're still just finding your feet.
The rise of the remote freelance worker (otherwise known as the "gig economy"), especially during this time, can offer construction business owners a simple, cost-effective solution when they need extra help with a one-off "gig" or short-term contract.
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Topics:
Contractor,
Contractor Tips,
Contractor Operating Tips,
Construction Productivity,
Construction Workplace
(Note: We are tracking the latest construction industry news and online resources for contractors in time of COVID-19)
The success of any business, large or small, depends considerably on nurturing an efficient, productive workplace.
Some contractors and construction company owners believe in maximizing production by driving everyone from the laborers to the Project Managers to work harder, longer, faster, hustle, and run. And if they are giving less than 110% to the company, they are not doing enough.
While improving employee productivity should always be a priority when the ultimate goal is a sustainable and profitable business, the process is easier said than done.
Below are some of the most effective methods of managing a productive, happy workplace while increasing output:
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Topics:
Contractor,
Contractor Tips,
Contractor Operating Tips,
Construction Productivity,
Construction Workplace
Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn't mean thoroughly checking out of the process each month or quarter. On the contrary, it's recommended that business owners work closely with their accountants throughout the year to better understand their financial position and make smart plans for future growth.
We have discussed time and again the importance of knowing the difference between Construction Accounting and Regular Accounting. For the sake of our new readers, blog subscribers, and podcast listeners, I'll be providing you with some basic accounting knowledge so you can have more informed, insightful discussions with your financial advisors before the year ends.
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Topics:
Contractor Challenges,
Contractor,
Contractor Tips,
Contractor Operating Tips,
Construction Productivity
